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Michael Robert Milken (born July 4, 1946) is an American financier. He is known for his role in the development of the market for high-yield bonds ("junk bonds"), [ 2 ] and his conviction and sentence following a guilty plea on felony charges for violating U.S. securities laws. [ 3 ]
Milken, who was Drexel's head of high-yield securities, was paid $295 million, the highest salary that an employee in the modern history of the world had ever received. [1] [3] [4] [5] Even so, Milken deemed his salary to be insufficient for his contributions to the bank, and received $550 million the next fiscal year. [6]
First Executive through Fred Carr had a strong association with Mike Milken and the brokerage firm Drexel Burnham Lambert, whereby at the end of 1990 the company-owned high-yield debt, much of it issued through Drexel, with a carrying value of $9 billion. [2]
Now that financier Michael Milken has received a pardon from President Donald Trump that wipes clear his 1989 conviction on conspiracy and fraud charges, can we expect that the man who helped ...
Abraham J. Briloff notes, "The purchasers included institutions with close ties to now imprisoned junkmeister Michael Milken-- notably Columbia Savings & Loan, CenTrust and Imperial Savings & Loan." [4] The Milken brothers' involvement in the GSLIC transactions eventually led to their being sued by the state of Florida for $225 million. [5]
The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders, by Wall Street Journal writer Connie Bruck, largely recounts the rise of Michael Milken, his firm Drexel Burnham Lambert, and the leveraged buyout boom they helped to fuel in the 1980s.
Michael Milken explains why the recent bank collapses aren't history repeating and the one lesson financial institutions are learning in real-time. Michael Milken on the banking turmoil: This is ...
The "highly confident letter" was a financing tool created by investment bankers at Drexel Burnham Lambert, dominated by Michael Milken, in the 1980s.Its objective was to enable corporate raiders to launch leveraged buyout (LBO) offers without the debt component of their financing package fully in place.